In today's crypto news, US banking groups, led by the Bank Policy Institute, are urging Congress to address a loophole in the GENIUS Act that may allow stablecoin issuers to offer yields indirectly through affiliates. This could potentially disrupt credit flow to US businesses and families, risking $6.6 trillion in deposit outflows. Meanwhile, Do Kwon, co-founder of Terraform Labs, has changed his plea to guilty on charges of wire fraud and conspiracy, facing a possible 12-year sentence. Kwon's plea agreement includes $19 million in penalties, with sentencing set for December 11. Additionally, Circle has announced the launch of its layer-1 blockchain, Arc, designed for stablecoin transactions and capital markets, featuring USDC as its native gas token. Circle reported a 53% increase in revenue, reaching $658 million in Q2, highlighting its commitment to building a comprehensive financial platform. USDC currently holds a market cap of $65.6 billion across 24 networks. Read more AI-generated news on: https://app.chaingpt.org/news

#USDC